LexisNexis Risk receives FCA credit reference agency authorisation

19 April 2017 | 3183 views | 0Source: LexisNexis

LexisNexis Risk Solutions, a global big data, technology and analytics company, has today announced that the Tracesmart Group entities within its corporate structure in the United Kingdom have achieved authorisation from the Financial Conduct Authority (FCA) to become a Credit Reference Agency (CRA) and provide Credit Information Services.

The FCA is responsible for regulating all consumer credit and credit reference agencies in the UK, to ensure that the financial markets are honest, fair and effective for both individuals and businesses.

To prepare for authorisation, LexisNexis Risk Solutions evaluated its business to further strengthen internal processes around how it identifies and manages risk, responds to customer inquiries to ensure fair outcomes, and how it implement effective resolution strategies for potential errors in data and in consumer reports.

“Ensuring we operate with the highest standards, our obligations in data stewardship and prioritising customer interests is part of our business culture and we welcomed the opportunity to discuss, evaluate and improve how we were already conducting business. Many of our customers and partners are also regulated and this represents a firm commitment to stand with them and uphold the standard to which we are all held.”